Guide to Set Up a Cuba Subsidiary Company in Dubai

Dubai, a thriving global economic powerhouse, has rapidly become the vibrant and diverse capital of the United Arab Emirates (UAE). Known for its strategic location, state-of-the-art infrastructure, business-friendly policies, and attractive tax incentives, Dubai has emerged as a prime destination for companies looking to expand their footprint in the Middle East.

For businesses from Cuba seeking to enter the UAE market, setting up a subsidiary company in Dubai presents excellent opportunities for growth and success. In this article, we will explore the process of establishing a Cuba subsidiary company in Dubai, offering valuable insights and practical steps to help you navigate the setup process and build a strong presence in this dynamic city.

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Why Choose Dubai for a Cuba Company?

Dubai is an excellent place for business setup for several reasons. Dubai’s choice for a Cuba company for rapid growth and strategic vision make it an ideal business hub, acting as a bridge between the East and the West. The city boasts top-notch infrastructure, including modern transportation systems, fantastic airports, and advanced communication networks, ensuring smooth business operations.

Dubai’s business-friendly environment is another significant advantage. The government has established free zones like the Dubai International Financial Centre (DIFC) and the Dubai Multi Commodities Centre (DMCC). These zones offer 100% foreign ownership, no corporate or personal income taxes, and a straightforward company setup process, making Dubai a business-friendly haven.

Setting up a subsidiary company in Dubai offers several advantages for Cuba businesses:

– Lower Corporate Tax: Dubai’s corporate tax is just 5%, significantly lower than Cuba 25% Corporate Income tax, leading to substantial savings.

– Foreign Currency Flexibility: Businesses can maintain foreign currency accounts in Dubai, providing financial flexibility and control.

– Cost Savings on Currency Conversions: Dubai offers competitive rates and significant savings on foreign currency conversions, enhancing financial efficiency.

– Smooth Import/Export Operations: Dubai’s strategic location facilitates easy import/export activities, especially with African and European countries.

– Strong Bulgaria Connection: Dubai’s strong ties with Bulgaria make it convenient for Bulgarian businesses, easing the deployment of employees for short and long-term assignments.

Steps to Set Up a Cuba Subsidiary Company in Dubai

  1. Define Your Business Activity

First, determine the business activities your Cuba  subsidiary company will undertake in Dubai. Understanding the rules and limitations related to your chosen business activity is crucial.

  1. Pick a Company Structure

Choose the appropriate legal structure for your subsidiary. You can opt for a free zone entity, a mainland company, or set up a branch of your existing Cubacompany.

  1. Explore Dubai’s Free Zones

If you decide on a free zone entity, research the different free zones available in Dubai. Each free zone has its own set of rules, benefits, and restrictions. Consider the number and types of visas offered by each free zone to find one that fits your business needs.

  1. Reserve Your Company Name

Select a unique name for your Cuba subsidiary company and get it reserved. Ensure it follows Dubai’s naming guidelines and doesn’t infringe on existing trademarks.

  1. Get Initial Approvals

Seek initial approvals from the relevant authorities in Dubai. This may involve submitting documents like a business plan, feasibility study, and a No Objection Certificate (NOC) from your Cuba parent company.

  1. Secure Office Space

Find a physical office space for your subsidiary company. The space requirements depend on the company structure you’ve chosen. Free zones often provide flexible office solutions.

  1. Prepare Legal Documents

Draft essential legal documents like the Memorandum of Association (MOA) and Articles of Association (AOA). These documents outline your company’s activities, shareholders, and corporate governance structure.

  1. Apply for a Trade License

Apply for a trade license from the relevant authorities in Dubai. This license allows your subsidiary to legally conduct business activities in Dubai.

  1. Meet Visa and Labour Requirements

Take care of the visa and labor requirements for your employees. This includes obtaining residency visas, work permits, and Emirates ID cards. Medical examinations and document submissions may be part of this process.

  1. Register with Authorities

Register your Cuba subsidiary company with the Dubai Department of Economic Development (DED) or the appropriate free zone authority. This step involves submitting necessary documents, paying fees, and obtaining commercial registration.

  1. Open a Bank Account

Set up a corporate bank account for your subsidiary in Dubai. Choose a reputable bank that aligns with your business requirements and meets the necessary documentation.

  1. Ensure Compliance and Tax Registration

Ensure compliance with all local regulations and meet tax obligations. If eligible, register for Value Added Tax (VAT).

Documents Required for Registering a Business in Dubai from Cuba

To set up your Cuba subsidiary company in Dubai, you’ll need several important documents:

– Declaration from Directors and Shareholders

– Identification Documents

– Proof of Current Address

– Permanent Account Number (PAN) Card

– Undertaking and Declaration from Directors

– Certificate of Incorporation from a Foreign Company

– Address Validation for Foreign Companies

Verification of Registered Office Address for Cuba Company:

  – Lease agreement, property ownership deed, or sales agreement.

  – Recent electricity bill or receipt for society maintenance charges.

  – No Objection Certificate (NOC) from the property owner (lessor).

  – Board resolution (if the premises are owned by a legal entity).

These documents ensure compliance with the necessary regulations for setting up your Cuba company subsidiary in Dubai.

Conclusion

Choosing Dubai for establishing a Cuba subsidiary company comes with numerous advantages. The vibrant business community, strategic location, and investor-friendly regulations make it an appealing destination. For companies aiming to expand into the Middle Eastern market, Dubai stands out due to its well-established infrastructure, enticing incentives in free zones, and efficient company formation processes.

How Unicorn Global Solutions Can Help

Getting advice from Unicorn Global Solutions, who specialize in setting up Cuba company subsidiaries in Dubai, can streamline the process and ensure compliance with all regulations. With their expertise, entrepreneurs can confidently navigate the intricacies and make the most of the opportunities offered by Dubai’s thriving business environment. Text us on WhatsApp or call us today.

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